Insurance executives predict: There will be an economic recession in the United States in the next three years.

A survey conducted by Goldman Sachs Group showed that more than half of the surveyed insurance institutions predict a recession, a proportion higher than the 46% from a year ago. The survey found that they believe economic slowdown and geopolitical tensions are the two biggest macroeconomic issues threatening their investment portfolios, followed closely by credit and stock market valuations. Insurance executives anticipate an economic recession in the United States in the next three years and consider economic slowdown and geopolitical tensions as the major macroeconomic threats. However, nearly two-thirds of insurance institutions plan to increase their allocation to private assets, showing strong interest in asset-backed financing and senior direct loan strategies. Executives expect private equity to be the best performing asset class in the next 12 months, with most remaining optimistic about the S&P 500 index.